EX-12.1 2 br20150630ex121.htm EXHIBIT 12.1 BR 2015.06.30 EX 12.1


Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
 
 
Fiscal Years Ended June 30,
 
2015
 
2014
 
2013
 
2012
 
2011
 
($ in millions)
Earnings:
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
$
438.9

 
$
395.5

 
$
323.2

 
$
200.9

 
$
269.7

Fixed charges
37.6

 
36.9

 
28.0

 
28.4

 
25.7

Amortization of capitalized interest
—

 
—

 
—

 
—

 
—

Distributed income from equity investees
—

 
—

 
—

 
—

 
—

Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
—

 
—

 
—

 
—

 
—

Less:
 
 
 
 
 
 
 
 
 
Interest capitalized
—

 
—

 
—

 
—

 
—

Preference security dividend requirements of consolidated subsidiaries
—

 
—

 
—

 
—

 
—

The minority interest in the pre-tax income/(loss) of subsidiaries that have not incurred fixed charges(2)
(5.5
)
 
0.4

 
0.1

 
(0.7
)
 
(0.2
)
Total
$
482.0

 
$
432.0

 
$
351.1

 
$
230.0

 
$
295.6

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
25.4

 
$
23.9

 
$
14.5

 
$
14.0

 
$
9.9

Amortized premiums, discounts and capitalized expenses related to indebtedness
—

 
—

 
—

 
—

 
—

Estimate of the interest within rental expense(1)
12.2

 
13.0

 
13.5

 
14.4

 
15.8

Preference security dividend requirements of consolidated subsidiaries
—

 
—

 
—

 
—

 
—

Total
$
37.6

 
$
36.9

 
$
28.0

 
$
28.4

 
$
25.7

Ratio of Earnings to Fixed Charges
12.8

 
11.7

 
12.5

 
8.1

 
11.5

 
(1)
One-third of rental expense under operating leases is assumed to be the equivalent of interest.
(2)
Represents the Company’s share of gains (losses) from its equity method investments.